Houston-based BJ Services
BJS, +0.00%
an oil-services firm, said it earned $73.3 million, or 45 cents a share, vs. $44.8 million, or 28 cents a share, in the fiscal second quarter a year ago.

Analysts polled by Thomson First Call expected BJ Services to earn 41 cents a share, on average, in the most recent quarter.

Revenue rose 21 percent to $647.1 million from $534.6 million in the year-ago period.

Compared to the second quarter of 2003, U.S./Mexico pressure pumping services revenue was up 28 percent, international pressure pumping services revenue grew 14 percent, and revenue from other oilfield services was higher by 19 percent.

Also, operating income margins during the quarter were 17.1 percent, an increase from the 13.5 percent reported in last year's second quarter.

"The improvement...was primarily due to favorable margins on activity gains in the U.S., Mexico and Canada," the company said.

Chairman and CEO Bill Stewart said in a press release that rig activity in the U.S. increased through the quarter and the company expects the trend to continue for the rest of the fiscal year.

"The market increase as well as inflationary pressures have prompted BJ to issue a revised U.S. price book effective May 1st," Stewart said. "The new price book will reflect an average increase of 7 percent from the current price book that was issued on May 1, 2003."

Banc of America analyst Jim Wicklund noted last week that a company doesn't issue a new price book unless it's confident in its acceptance.

"During the June quarter, we estimate rig activity in the U.S. to average 3 to 4 percent higher compared to the March quarter," Stewart said. "We have also planned for a normal spring break-up in Canada, which will more than offset activity gains in the U.S. market."

On April 5th, the company resolved its lawsuit filed against Halliburton
HAL, -1.29%
for patent infringement. See archived story. BJ Services, which has received the judgment award, will take about a $56 million aftertax gain in the second quarter to reflect the settling of the case.

BJ Services now expects to earn, including the Halliburton award, 72 cents to 76 cents a share in the June quarter and $2.03 to $2.11 for the fiscal year ending September 30.

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